Core Viewpoint - Birkenstock's shares fell 9% due to warnings about profit margin impacts from US tariffs, with expectations of a 1% drop in annual gross margins for the fiscal year ending September 30, 2026 [1][8]. Financial Performance - The company anticipates adjusted EBITDA of at least 700 million euros (approximately $821.8 million), with a margin of 30% to 30.5%, down from 31.8% in the previous year [2]. - Revenue growth is expected to slow to 10% to 12%, translating to roughly $2.7 billion to $2.8 billion, factoring in negative currency effects [5]. - The previous fiscal year saw a 16% revenue increase to about $2.5 billion, exceeding estimates [6]. Tariff Impact - The company reported that tariffs reduced adjusted EBITDA and gross margins by approximately 30 basis points in the previous fiscal year [6]. - A forecasted 100 basis point hit to annual gross margins is expected due to US tariffs in the new fiscal year [8]. Market Outlook - CEO Oliver Reichert expressed confidence in continued strong consumer demand and double-digit growth through 2026 [8][9]. - The company plans to open around 40 new stores globally in 2026 and initiate a $200 million share buyback [13]. Sales Performance - Direct-to-consumer sales growth was reported at 11% for the previous fiscal year, compared to 20% growth in wholesale [14]. - Analysts from Bernstein cautioned about the company's momentum, noting better performance in wholesale than retail [13][15].

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Core Viewpoint - Birkenstock Holding plc reported strong financial results for the fourth quarter and fiscal year ended September 30, 2025, with revenue growth exceeding expectations due to robust consumer demand across all segments, channels, and categories [1] Financial Performance - The company achieved a fiscal 2025 revenue growth of 16% and 18% on a constant currency basis, surpassing its guidance of 15-17% [1]

Financial Data and Key Metrics Changes - The company reported full-year revenue growth of 18% in constant currency, reaching EUR 2.1 billion, exceeding the initial guidance of 15%-17% [8][15] - Gross margin increased by 30 basis points to 59.1%, while adjusted EBITDA margin rose by 100 basis points to 31.8% [9][18] - Adjusted net profit for the fourth quarter was EUR 94 million, up 71% year over year, with adjusted EPS of EUR 1.85 for the full year, up 45% from fiscal 2024 [18][19] Business Line Data and Key Metrics Changes - The Americas segment grew by 18% in constant currency, EMEA by 14%, and APAC by 34% [15][16] - B2B channel revenue increased by 21%, while D2C grew by 12% in constant currency [16] - Closed-toe share of revenue increased by 500 basis points year over year to 38% [11] Market Data and Key Metrics Changes - The company sold over 38 million pairs in fiscal 2025, up over 12%, with an average selling price (ASP) increase of 5% in constant currency [9][10] - The APAC segment now accounts for 11% of global revenue, with the highest ASP [11] Company Strategy and Development Direction - The company plans to open about 40 new stores in 2026, aiming for a total of 150 stores ahead of schedule [10][24] - Focus on maintaining brand scarcity and managing distribution tightly to support full-price realization, which remains over 90% [10][12] - The company is investing in production capacity and innovation to meet growing demand, particularly in the APAC market [12][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth despite challenges from FX and tariffs, expecting a slower revenue growth of 13%-15% in fiscal 2026 [20][22] - The company highlighted strong demand across all segments, particularly from younger consumers in the B2B channel [30][49] - Management noted that production capacity constraints are the primary limitation to growth, not demand [31][60] Other Important Information - The company repurchased shares totaling EUR 176 million and reduced net leverage from 1.8x to 1.5x [19][20] - Capital expenditures for fiscal 2026 are expected to be between EUR 110 million and EUR 130 million [24] Q&A Session Summary Question: What is driving the more conservative view for 2026? - Management indicated that while demand remains strong, production capacity constraints are the main limitation to growth [30] Question: Can you elaborate on the margin outlook for 2026? - Management explained that FX and tariffs will significantly impact margins, with a total drag of about 200 basis points expected [39][40] Question: How do you see channel growth in 2026? - Management expects B2B to continue outpacing D2C growth, driven by strong demand from younger demographics [49] Question: What are the expectations for consumer demand in the EU? - Management reported strong growth in EMEA, particularly in closed-toe products, and expects continued positive trends in Q1 [57][58] Question: How will the new stores be located and what is the strategy for DTC? - The company plans to open stores in key cities and aims to enhance the DTC channel through targeted membership benefits and loyalty programs [78][80]

Financial Data and Key Metrics Changes - The company reported full-year revenue growth of 18% in constant currency, reaching €2.1 billion, exceeding the initial guidance of 15%-17% [6][13] - Gross margin increased by 30 basis points to 59.1%, while adjusted EBITDA margin rose by 100 basis points to 31.8%, meeting the high end of the target range [7][16] - Adjusted net profit for the fourth quarter was €94 million, up 71% year over year, with adjusted EPS of €0.51, a 76% increase from the previous year [16] Business Line Data and Key Metrics Changes - The Americas segment grew by 18% in constant currency, EMEA by 14%, and APAC by 34% in constant currency [13] - B2B channel revenue increased by 21%, while D2C channel revenue grew by 12% in constant currency [14] - The closed-toe share of revenue increased by 500 basis points year over year to 38% [10] Market Data and Key Metrics Changes - The company sold over 38 million pairs in fiscal 2025, a 12% increase, with average selling price (ASP) up by 5% in constant currency [8] - The APAC segment now accounts for 11% of global revenue, with the highest ASP among regions [10] Company Strategy and Development Direction - The company plans to open about 40 new stores in 2026, aiming for a total of 150 stores ahead of schedule [9][23] - The focus remains on maintaining brand scarcity and managing distribution tightly, with full price realization over 90% [9][40] - The company is investing in production capacity and innovation to meet growing demand, particularly in the premium product segment [11][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong brand demand despite external challenges such as tariffs and currency fluctuations [6][24] - The company anticipates significant headwinds from foreign exchange and tariffs in fiscal 2026, projecting a slower revenue growth rate of 13%-15% [18][20] - Management emphasized that growth is limited by production capacity rather than demand, with plans to increase capacity to meet future needs [45] Other Important Information - The company repurchased shares worth $200 million and reduced net leverage from 3.3 times to 1.5 times [5][17] - Capital expenditures for the year were approximately €85 million, focused on increasing production capacity [17] Q&A Session Summary Question: What is driving the more conservative growth outlook for 2026? - Management noted strong demand globally, particularly in the U.S., but highlighted production capacity as the limiting factor for growth [26][28] Question: Can you elaborate on the margin outlook for 2026? - Management indicated that FX and tariffs would significantly impact margins, with a total drag of about 200 basis points expected [31][33] Question: How do you see channel growth in 2026? - Management expects B2B to continue outpacing D2C growth, driven by strong performance in the youth market and in-person shopping [36][40] Question: What are the expectations for closed-toe shoes in the long term? - Management anticipates continued growth in closed-toe shoes, projecting a share increase beyond 40% as new silhouettes gain popularity [57][58]

分组1 - Birkenstock reported quarterly earnings of $0.6 per share, exceeding the Zacks Consensus Estimate of $0.4 per share, and showing an increase from $0.32 per share a year ago, representing an earnings surprise of +50.00% [1] - The company achieved revenues of $615.25 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.41%, and up from $500.9 million year-over-year [2] - Birkenstock has outperformed consensus EPS estimates in all four of the last quarters and has topped revenue estimates two times in the same period [2] 分组2 - The stock has underperformed the market, losing about 18.1% since the beginning of the year, while the S&P 500 gained 14.3% [3] - The current consensus EPS estimate for the upcoming quarter is $0.29 on revenues of $463.6 million, and for the current fiscal year, it is $2.30 on revenues of $2.75 billion [7] - The Shoes and Retail Apparel industry, to which Birkenstock belongs, is currently ranked in the bottom 37% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Summary of Key Points Core Viewpoint - U.S. stock futures are showing positive movement, with Dow futures increasing by approximately 100 points. However, Birkenstock Holding PLC's shares experienced a significant decline in pre-market trading despite reporting better-than-expected earnings and sales figures. Company Performance - Birkenstock reported fourth-quarter earnings of $0.60 per share, surpassing the analyst consensus estimate of $0.40 per share. The company's quarterly sales reached $615.404 million, exceeding the consensus estimate of $606.670 million [1]. - For FY2026, Birkenstock anticipates adjusted EPS in the range of $2.22 to $2.40, slightly below the market estimate of $2.30. The projected sales for the same period are between $2.689 billion and $2.747 billion, compared to expectations of $2.750 billion [2]. Market Reactions - Following the earnings report, Birkenstock shares fell by 10.6% to $41.50 in pre-market trading [2]. - Other companies also experienced declines in pre-market trading, including Insmed Inc, which dropped 20.1% after halting its Brensocatib CRSsNP program, and DBV Technologies SA, which fell 12.6% despite a previous surge [3].

Financial Performance Highlights - Birkenstock's FY25 revenue reached €2097 million, a 16% increase or 18% at constant currency[14,57] - Direct-to-Consumer (DTC) revenue was €795 million, up 11% or 12% at constant currency[14,57] - Business-to-Business (B2B) revenue grew by 20% or 21% at constant currency, reaching €1298 million[14,57] - Adjusted EBITDA increased by 20% to €667 million, with a margin of 318%, a 100 basis points increase[14,60] - Adjusted net profit rose by 44% to €346 million[14,62] - Adjusted EPS increased by 45% to €185[14,34] Regional Performance - Americas revenue reached €1086 million, up 15% or 18% at constant currency[17,57] - EMEA revenue was €785 million, a 14% increase at both reported and constant currency[17,57] - APAC revenue increased by 31% or 34% at constant currency, reaching €222 million[17,57] Financial Health - Net leverage decreased by 17% to 15x LTM Adjusted EBITDA[14,41] - Gross profit reached €1240 million with a margin of 591%, a 30 basis points increase[14,24] Outlook for FY26 - The company projects revenue to increase by 13-15% at constant currencies, targeting €2300-€2350 million[49,51] - Adjusted EBITDA is expected to be at least €700 million, with a margin of 300-305%[49,51]

Core Viewpoint - The shoemaker anticipates that tariffs will negatively impact profit margins and lead to a slowdown in revenue growth in the upcoming fiscal year [1] Group 1 - The company expects tariffs to weigh on its profit margins [1] - A slowdown in revenue growth is anticipated for the new fiscal year [1]

Core Viewpoint - BIRK's sales and profits have increased due to strong demand for its expensive sandals and clogs, but the company forecasts a slowdown in growth for the upcoming year [1] Group 1: Financial Performance - For the three months ending in September, BIRK reported a revenue growth of 20% to €526 million ($616 million), slightly above analysts' expectations [1] - The company anticipates a maximum sales growth of 15% for fiscal year 2026, potentially reaching €2.35 billion, which is slightly below expectations [1] - Adjusted earnings for 2026 may exceed €700 million, while analysts' average expectation is approximately €758 million [1][2] Group 2: Strategic Initiatives - CEO Oliver Reichert aims to attract investors with a robust growth strategy, ensuring consumer demand for BIRK shoes exceeds production capacity, allowing for higher average selling prices [1] - BIRK plans to invest between €110 million and €130 million in capital expenditures for 2026, an increase from €85 million the previous year [2] - The company intends to repurchase $200 million in stock during fiscal year 2026, depending on market conditions [2] Group 3: Market Challenges - The company faces challenges from U.S. tariffs and currency fluctuations, which are expected to continue impacting performance in 2026 [1][2] - BIRK's gross margin is projected to decline to between 57% and 57.5%, lower than the average expectation of 59.8%, due to adverse effects from exchange rate fluctuations and increased tariffs [2] - BIRK's stock price has dropped approximately 18% this year, with a pre-market decline of 11.64% following the earnings announcement [3]